The present invention relates generally to a method for making a purchase over the Internet, and more particularly to a method of transacting a purchase using credit account information from both the buyer and the seller.
Currently, “auction type” web sites, such as eBay.com, have demonstrated a good deal of success by providing an online person-to-person trading forum over the Internet. These “auction type” sites act primarily as a matchmaker between sellers and bidders.
Generally, a seller desiring to sell an item over the Internet lists the item with an “auction type” web site. Along with a description of the item, the listing may include a picture of the item, a minimum bid, a time duration for the bidding process, etc. Potential buyers are then able to place bids on the item. A successful or winning bid for each item on sale is determined by the web site. Next, a successful bidder (i.e., the buyer) receives instructions as to where they should send payment. Typically, the payment must be remitted in the form of a certified check to the seller. Upon receipt of the check, the seller ships the item to the buyer.
Unfortunately, this payment process is very inconvenient as well as inconsistent with the ease of other commercial transactions occurring over the Internet. In addition, there is an inherent risk that after receiving payment, the seller may ship an item which is in poor condition, ship an item which is inconsistent with the description of the item or never ship the item to the buyer.
Therefore, it is desirable to provide a method of transacting a purchase between a buyer and a seller over the Internet. It is the object of the present invention to provide a payment process as seamless as the sale itself. To do so, the method of the present invention utilizes credit card information from both the buyer and the seller.